Posted on 10/06/2010 9:12:55 PM PDT by Kartographer
(1) making my mortgage payments by depositing the funds in an escrowed bank account, and
(2) notifying the purported new mortgage holder that they will receive the full escrowed amount and future payments upon documentation that they are in possession of the original note.
That’s probably a recipe for foreclosure—unless you get a court to order the payments made into escrow.
Holy cow, I quit frequenting FR regularly, come back, and see unbelievable discussions like this one.
I honestly can’t believe I’m seeing alleged conversatives arguing what they’re saying in this thread.
Banks lent $billions to homeowners. Homeowners don’t make payments. Banks dilly-dally on what to do. Situation gets worse. Banks overwhelmed with delinquencies and facing not just the lost property values, but also the expenses of foreclosures.
Federal government warns there may be repercussions for not giving people lots of leeway. They eventually pick up the pace of foreclosures ... and resolving the uncertainty in the housing market. The bank used personnel to review files and fill out the foreclosure paperwork. Those personnel aren’t authorized to sign and bind the bank (why would a multi billion $ bank want a data processor binding it in court documents?). The affidavit gets signed by an authorized signatory who didn’t review the 10,000 files this month but who relied on the bank’s data processors.
Voila. Plaintiff lawyer vultures smell money to be made. Obama administration smells a way to get people who made poor financial decisions relief on the backs of ... the people who didn’t make bad decisions with their houses. Have the Justice Dept. “investigate.”
Good grief this is sad on here.
In the meantime, foreclosures stop, so the real estate market freezes back into its hold pattern — meaning it WILL NOT IMPROVE ANYTIME SOON. This is yet more uncertainty in our economy. Its positively killing those of us in the real estate industry.
The law would require that all erroneously paid funds be returned.
However obama does not believe in individual rights only collective rights. So he would demand and edict the government take this money because the government handles restitution better.
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